Complete Sports & Management India IPO (28 Aug- 1 Sep) Analysis

Complete Sports and Management India Limited (CSML) is an amusement and leisure equipment company engaged in the sourcing, trading, distribution, installation, commissioning, maintenance and related consulting services for a diversified portfolio of indoor gaming and entertainment equipment. The company markets itself as an end to end solutions provider, serving indoor amusement centres, family entertainment centres, bowling alleys, malls and hospitality venues across India.

Issue Type Fresh Issue Only

Exchange BSE SME

Issue Opens Aug 28, 2026

Issue Closes Sep 1, 2026

CSML's product range covers bowling solutions (both traditional and duckpin formats), arcade games, soft play areas and indoor play structures, trampoline parks, laser tag systems, bumper cars, go karting equipment, debit card and cashless gaming systems, and related spares, consumables and accessories. A key competitive advantage is its exclusive distributorship for Brunswick Bowling products in India, giving it a defensible position in the organised bowling segment where Brunswick is the global market leader.

Beyond equipment sales, CSML provides end to end turnkey solutions including site planning, project management, installation, commissioning, operator training and ongoing maintenance. The Indian indoor amusement centre market was estimated at approximately Rs. 50.9 billion in FY2025 (per the D&B Report), driven by urbanisation, rising discretionary spending and the proliferation of organised mall formats.

CSML is executing a strategic forward integration into direct ownership and operation of consumer facing entertainment centres under two in house brands: "Duckpin  to  The Bowling Bistro" (an integrated dining, bowling and gaming venue) and "All Sett Go".

The company's first owned entertainment centre, Duckpin Malad, commenced operations on July 24, 2026 at Infiniti Mall, Malad (West), Mumbai. This shift from B2B equipment distribution towards B2C venue operation is a significant business model transition being partly funded through this IPO.

IPO BASICS

This is a pure fresh issue of up to 55,50,000 equity shares of Rs. 10 face value on the BSE SME platform. There is no Offer for Sale component, meaning all proceeds flow to the company. Pre issue paid up capital is 1,50,10,000 shares.

The issue opened on August 28, 2026 and closes on September 1, 2026, with anchor investor allocation on August 27, 2026. The price band has not been disclosed in this Red Herring Prospectus and will be determined through the book building process.

Market Maker Reservation is 2,80,000 shares, and the Net Issue to the public is 52,70,000 shares. Of the net issue, up to 50% (26,32,000 shares) is reserved for QIBs, not less than 15% (7,92,000 shares) for Non Institutional Bidders, and not less than 35% (18,46,000 shares) for Individual (retail) investors.

The BRLM is Smart Horizon Capital Advisors Private Limited, and Bigshare Services Private Limited acts as Registrar. Promoters Rohit Rajesh Mathur (50%), Abha Rohit Mathur (34.30%) and Rohan Rohit Mathur (10%) collectively hold 94.30% of pre issue share capital.

Parameter	Details
Issue Size	Up to 55,50,000 equity shares at Rs. 10 face value
Issue Type	Pure Fresh Issue (no OFS)
Price Band	To be determined (book building)
Exchange	BSE SME
Pre Issue Shares Outstanding	1,50,10,000 equity shares
BRLM	Smart Horizon Capital Advisors Pvt. Ltd.
Registrar	Bigshare Services Pvt. Ltd.

 USE OF PROCEEDS

The fresh issue proceeds (net of issue expenses) will be deployed across four objects. The two largest are capital expenditure items: Rs. 3,988.24 lakhs for gaming equipment and assembly infrastructure at the company's existing Bhiwandi (Maharashtra) warehouse, and Rs. 809.05 lakhs for setting up the second "Duckpin  to  The Bowling Bistro" entertainment centre in Mumbai.

The third use is debt repayment of Rs. 1,150.00 lakhs towards ICICI Bank working capital borrowings (outstanding Rs. 1,156.06 lakhs as of August 18, 2026 at Repo + 3.50%). The fourth use is general corporate purposes, capped at 15% of gross proceeds or Rs. 1,000 lakhs, whichever is lower.

The Bhiwandi capex (Rs. 3,988.24 lakhs) is aimed at establishing an in house assembly unit for gaming equipment   a backward integration step intended to reduce dependence on fully assembled third party product, improve margins, and enable customisation.

The second entertainment centre capex (Rs. 809.05 lakhs) covers civil and interior works, HVAC, kitchen and bar equipment, bowling lanes (Brunswick Duckpin), gaming machines, audio visual systems and professional fees. Regulatory approvals required for the new entertainment centre   including Liquor Licence (FL III), FSSAI licence and fire safety certificate   have not yet been obtained as of the RHP filing date.

Object	Amount (Rs. Lakhs)
Gaming equipment & capex at Bhiwandi Warehouse	3,988.24
Duckpin  to  The Bowling Bistro entertainment centre, Mumbai	809.05
Repayment of ICICI Bank working capital borrowings	1,150.00
General Corporate Purposes (residual)	Max 15% of gross or Rs. 1,000L

 FINANCIAL PERFORMANCE

All figures are from the Restated Standalone Financial Statements (Rs. in Lakhs) unless stated otherwise. Three years of standalone data are available (FY2024 to FY2026). Consolidated financials (including one subsidiary) are available for FY2026 and FY2025 and are broadly similar in scale.

Income Statement Summary (Standalone, Rs. in Lakhs)

Particulars	FY2024	FY2025	FY2026
Revenue from Operations	8,150.42	11,034.57	11,356.02
Other Income	110.27	107.13	164.14
Total Income	8,260.69	11,141.70	11,520.16
Purchases of Stock in Trade	6,772.64	8,732.69	5,281.73
Change in Inventories	(1,045.29)	(934.42)	1,405.09
Employee Benefit Expenses	446.26	509.88	680.71
Finance Costs	19.55	55.26	111.46
Total Expenses	6,905.49	9,579.42	9,100.82
PBT	1,355.21	1,562.28	2,419.35
PAT	1,011.76	1,140.94	1,795.32
EPS  to  Basic (Rs.)	6.74	7.60	11.96

Revenue grew 35% from FY2024 to FY2025 but nearly flattened to 3% growth in FY2026. Despite stagnant top line growth, PAT surged 57% in FY2026, driven primarily by an inventory draw down (inventories halved) which reduced net purchase costs significantly. PAT margin improved markedly from 10.34% in FY2025 to 15.81% in FY2026, though this improvement may not be repeatable if revenue does not grow and inventories normalise.

Balance Sheet Highlights (Standalone, Rs. in Lakhs)

Particulars	FY2024	FY2025	FY2026
Total Equity	1,317.05	2,457.99	4,247.06
Total Borrowings (LT + ST)	213.84	219.22	898.59
Trade Receivables	763.68	1,230.33	4,794.10
Inventories	1,475.75	2,410.17	1,005.08
Cash & Equivalents	68.09	77.02	55.94
Total Assets	4,723.07	6,943.43	8,302.85
Return on Net Worth (%)	76.82%	46.42%	42.27%
NAV per Share (Rs.)	8.77	16.38	28.29

The most striking balance sheet development in FY2026 is the sharp rise in trade receivables from Rs. 1,230.33 lakhs to Rs. 4,794.10 lakhs, implying receivable days of approximately 154 days on standalone revenue.

This is abnormally high for a trading company and coincides with the inventory drawdown   suggesting goods were delivered to customers but payments are pending. Cash is thin at Rs. 55.94 lakhs (standalone). Consolidated operating cash flows have been negative for two consecutive years: Rs. (364.78) lakhs in FY2026 and Rs. (309.29) lakhs in FY2025, highlighting persistent working capital pressure.

PEER COMPARISON

CSML has stated in the RHP that "there are no listed companies in India that are engaged in a business similar to that of our Company." Accordingly, no peer group P/E, EV/EBITDA or revenue multiples comparison has been provided. The company operates at the intersection of amusement equipment distribution (B2B) and entertainment venue operation (B2C), and no direct listed comparable exists on Indian exchanges. Valuation is therefore entirely driven by absolute metrics at an undisclosed price band.

CSML Key Metrics (FY2026, Standalone)

Metric	Value
Revenue from Operations	Rs. 11,356.02 Lakhs
PAT	Rs. 1,795.32 Lakhs
PAT Margin	15.81%
EPS  to  Basic	Rs. 11.96
Weighted Avg EPS (3-yr standalone)	Rs. 9.64
Return on Net Worth	42.27%
NAV per Share	Rs. 28.29
Listed Peer Comparison	Not available   no comparable listed peer in India

KEY RISKS

Negative Operating Cash Flows

Consolidated operating cash flows have been negative in both FY2025 (Rs. -309.29 lakhs) and FY2026 (Rs. -364.78 lakhs). Despite reporting healthy profits, the business is not generating cash from operations, which is a structural concern that IPO proceeds will not directly resolve.

Receivables Surge is a Red Flag

Trade receivables ballooned from Rs. 1,230.33 lakhs (FY2025) to Rs. 4,794.10 lakhs (FY2026) on a standalone basis   a 290% jump in a year when revenue grew just 3%. Debtor days rose from approximately 41 days to 154 days. This level of credit extension is unusually high for a trading company and raises questions about the quality of revenue recognition and collectability.

FY2026 PAT Growth Was Non Recurring

The 57% PAT jump in FY2026 was largely driven by inventory drawdown, which mechanically reduced cost of goods sold. This benefit cannot recur unless inventories fall further from an already low Rs. 1,005 lakh level. Revenue growth has stalled at 3%, meaning FY2027 earnings quality will be a critical test.

New Entertainment Centre Model is Untested

The company’s first company owned venue, Duckpin Malad, opened just one month before the RHP filing date. The proposed second centre in Mumbai has not yet secured its Liquor Licence (FL III), FSSAI licence, or fire safety certificate. Operating F&B and entertainment venues requires capabilities distinct from equipment distribution and carries higher fixed costs and regulatory complexity.

No Listed Peers   Valuation Is Opaque

CSML itself acknowledges the absence of comparable listed peers. With no P/E benchmark and an undisclosed price band, investors cannot assess whether the issue is fairly priced against sector norms.

IPO Capex Objects Not Yet Contracted

As of the RHP filing date, no definitive purchase agreements or purchase orders have been placed for any of the equipment or civil works proposed under the IPO objects. Vendor quotations are valid for 60 to 180 days and are subject to revision. Actual costs may deviate from estimates.

KEY POSITIVES

Exclusive Brunswick Bowling Distributorship in India

CSML holds exclusive India distribution rights for Brunswick Bowling, the global market leader in bowling equipment. This franchise confers a durable competitive moat, a recurring stream of spares and consumables revenue, and first mover access to every new bowling centre installation in India.

Consistent Profitability Across Three Years

The company has been profitable in each of the three reported fiscal years. PAT grew from Rs. 1,011.76 lakhs (FY2024) to Rs. 1,795.32 lakhs (FY2026), a 77% cumulative increase over two years. PAT margins have improved from 12.42% to 15.81%, reflecting operating leverage in the distribution business.

High Return on Equity

RoNW has remained above 40% across all three years (76.82% in FY2024, 46.42% in FY2025, 42.27% in FY2026). While the ratio is declining as equity grows through retained earnings, it still signals strong capital efficiency in the core business.

Pure Fresh Issue with Full Proceeds to Company

There is no OFS component. All IPO proceeds fund company growth   backward integration (assembly unit), forward integration (entertainment venue) and debt reduction. The absence of promoter exit via the IPO aligns promoter and investor interests.

Growing Indian Indoor Amusement Market

The Indian indoor amusement centre market is estimated at Rs. 50.9 billion in FY2025 and is expanding, driven by increasing mall penetration, rising urban middle class discretionary spend and evolving consumer preference for experience based leisure. CSML participates on both sides of this market: as equipment supplier to centre operators, and now as a centre operator itself.

Forward Integration Diversifies Revenue

The move into direct entertainment venue operations (Duckpin  to  The Bowling Bistro) introduces recurring, consumer facing revenues from bowling, gaming, food and beverage, corporate events and memberships. If executed successfully, this could improve revenue visibility, improve margins and reduce dependence on project based equipment sales cycles.